BPI profit falls 7% to 363 million euros

BPI reported a net profit of 363 million euros until September, marking a 7% year-on-year decline. This decrease was influenced by the absence of a previous year's positive impact of 18 million euros and a negative accounting charge of 35 million euros related to the reclassification of its financial position in Mozambique's BCI. Domestic operations contributed 344 million euros, down 5% year-on-year, but recurring profit remained stable when excluding extraordinary tax returns. The bank's return on tangible equity (ROTE) stood at 14.9%. International operations added 20 million euros, despite accounting penalties. Operational revenues increased, with net interest income rising 1% and commissions up 8%. Operational expenses grew by 5%, exceeding 400 million euros, driven by higher personnel costs, leading to the hiring of 220 new employees, particularly in technology and AI.